KSH International Sets IPO Price Band at Rs 365–Rs 384; Issue to Open on December 16

Pune, 12th December 2025: KSH International Ltd has announced a price band of ₹365 to ₹384 per equity share (face value ₹5 each) for its first-ever public issue. The company’s Initial Public Offering will open for subscription on December 16 and close on December 18, 2025. Investors can apply for a minimum of 39 shares and in multiples of 39 thereafter.

The IPO consists of a fresh equity issue worth ₹420 crore and an offer for sale of up to ₹290 crore by promoters Kushal Subbayya Hegde, Pushpa Kushal Hegde, Rajesh Kushal Hegde, and Rohit Kushal Hegde.

According to a CARE Report, KSH International is currently the third-largest producer of magnet winding wires in India based on installed capacity in FY25. The company also holds the distinction of being India’s biggest exporter of magnet winding wires in FY25 by export revenue.

Founded in 1981 with a manufacturing unit in Taloja, Raigad, the company has gradually expanded its product range to include both standard and specialised magnet winding wires tailored to customer requirements. Its portfolio includes round enamelled copper and aluminium wires, paper-insulated rectangular wires, continuously transposed conductors (CTC), rectangular enamelled wires and bunched paper-insulated copper winding wires. These components play a crucial role in equipment such as transformers, alternators, motors and generators.

KSH markets its products under the brand name ‘KSH’. Its materials are used in several high-intensity applications including HVDC and 765 kV transformers, wind turbine generators, locomotive transformers, electric vehicle traction motors, and compressors for air-conditioning and refrigeration systems.

The company served 122 customers in FY25, 117 in FY24, and 117 in FY23. During the quarter ending June 30, 2025, it invoiced 93 customers. Its clientele includes major OEMs such as Bharat Bijlee, Bharat Heavy Electricals, Siemens Energy India, Georgia Transformer Corporation, Hitachi Energy India and GE Vernova T&D India. It is also an approved supplier for insulated rectangular wires and CTC used in large-scale HVDC and EHV equipment.

For the June 2025 quarter, KSH reported revenue from operations of ₹5,587.1 million and a net profit of ₹226 million. In FY25, operating revenue stood at ₹19,282.9 million, up from ₹10,494.6 million in FY23. Net profit rose to ₹679.88 million in FY25, from ₹266.13 million in FY23.

Nuvama Wealth Management Limited and ICICI Securities Limited are acting as the book-running lead managers, while MUFG Intime India Limited (formerly Link Intime India Pvt. Ltd) is the registrar.

The IPO will follow the book-building route. As per regulations, up to 50% of the issue will be reserved for Qualified Institutional Buyers, including up to 60% for anchor investors. Non-institutional investors will receive up to 15% of the issue, and retail investors will be allotted up to 35%.

KSH International has filed its Red Herring Prospectus (RHP) dated December 10, 2025, with the Registrar of Companies, Maharashtra, Pune, and subsequently with SEBI, NSE and BSE. The document is available on the websites of the company, stock exchanges, SEBI, and the book-running lead managers. The company has advised potential investors to review the RHP — particularly the “Risk Factors” section — before making any investment decisions.

The company emphasised that the equity shares under the offer are not registered under the U.S. Securities Act and cannot be offered or sold in the United States except under an applicable exemption. The offering is being made only in offshore transactions compliant with Regulation S under the U.S. Securities Act.

Disclaimer Clause of Securities and Exchange Board of India (“SEBI”): SEBI only gives its observations on the offer documents and this does not constitute approval of either the Offer or the specified securities stated in the Offer Documents. The investors are advised to refer to page 400 of the RHP for the full text of the disclaimer clause of SEBI.

Disclaimer Clause of BSE (the Designated Stock Exchange): It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the RHP has been cleared or approved by BSE Limited nor does it certify the correctness or completeness of any of the contents of the RHP.

The investors are advised to refer to the page 402 of the RHP for the full text of the disclaimer clause of BSE.
Disclaimer Clause of NSE: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to page 402 of the RHP for the full text of the disclaimer clause of NSE.